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Moebius software looper

Hi,

I still have a nice laptop (PIII 1 GHz, 256 MB memory) laying around, 
fairly unused, so I thought about trying out software loopers like 
Moebius before getting a hardware device. How stable are these programs? 
Are they suitable for live use? And is latency an issue? I plan to get 
an audio interface, so the latency will be only few ms, still I have no 
idea if that's a problem then.

Best regards, Janosch